AUSTIN – Lt. Gov. Dan Patrick issued this statement today following the Texas Senate’s bipartisan passage of Senate Bill 19, Creating the Texas University Fund, by Sen. Joan Huffman, R-Houston:
“As Texas’ economy and population continue to grow rapidly, so do our workforce needs. Cutting-edge research and innovation are occurring at Texas universities, adding fuel to our economic engine. The new Texas University Fund will provide funding for our non-Permanent University Fund (PUF) universities so we can continue powering the Texas and American economy forward for decades to come.”
Currently, only the University of Texas and Texas A&M University and their system schools are eligible for the PUF, which has an endowment of nearly $32 billion.
SB 19, by Sen. Huffman, creates the Texas University Fund (TUF). The TUF will provide funding for research expenditures for non-PUF-eligible research universities.